Eternal Technologies (fka ETLT)

[snapped]

if WS gets their way, a 4c dividend could be on way also.


western has attempted to submit another settlement proposal directly to etlt thru third parties. etlt has represented that if it lost the appeal that it would pay the judgement and has already reserved 1000000 for this liability on the balance sheet.
every effort will be made to reach out to the board of directors to work out an AMICABLE settlement



it should be noted that western has submitted numerous proposals over the last 5 years but all were made to the us counsel.he had no reason to settle as he has collected significant fees during this time,had conflicts of interest and the trial judge said shud be sued by etlt. we believe he was the cause of this in the first place. this now brings up the the question of whether the previous offers were even submitted or explained to the the board since they were relying on his counsel.
if you were offered a way to settle the debt with out paying out funds and your creditor would do all of the work to organize a spin off would you not accept? NO RESPONSE WHATSOVER




-they have been duped and have paid out hundreds of thousand of legal fees on a simple note-he is the only one who has benefited over the last 5 years

we are hopeful that they will obtain a second opinion and that they employ other counsel to consider and resolve all of the litigation. we realize and believe that the misunderstanding over the last year since the judgement was rendered is a result of the attorney and are sorry that this has occurred.

in the 2003 letter from wu that has been posted it was prophetic as it said that he had hoped to speak and seek advice without his conversations BEING FILTERED BY COUNSEL

the receiver has expressed a willingness to advise the court to waive the contempt charges , file the docs for the release from the special receivership, notify the otcbb et al so that the Q WILL BE REMOVED and to return the unissued shares to treasury upon the payment to the trust account of the judgement amount
if this can be resolved western will issue a formal apology to etlt and the bod for the misunderstanding caused by their us counsel.

his refusal to make the proper sec filings on the throughout the litigation over the last 5 years triggered the series of public disclosures by western once the judgement was final and he wanted to play games . they were advised that the judgement had to be properly disclosed to the public shareholders and failed to do after repeated warnings. his actions are shown in hundreds of documents since the judgement and caused us to seek the turnover motion and receiver. even during this time the settlement offers were rebuffed with no response. we are going to seek new discovery against him to determine whether the offer were even presented to the board .during this he has paid out hundreds of thousands in legal fees in 2008 and refused to deliver the document in the discovery request for 2008 figures. western plans to request that etlt and all of the parites who have been misled by vanderkam consider assigning the litigation rights to western to sue their us counsel vanderkam for fraud as suggested by the trial judge

a release is being prepared that will summarize the request to the receiver and the position of western
to try to settle AGAIN that will hopefully NOT BE FILTERED BY COUNSEL